Why was Bank of America’s bac chief operating officer, Thomas Montag, paid so much more than most of the giant’s other executives in 2015?
The Securities and Exchange Commission raised the question in a June correspondence with CEO Brian Moynihan after reviewing the bank’s annual proxy filing. The emails rebuked the Bank of America for not adequately explaining how it determined executive compensation, and also singled out COO Montag, who was paid $15.5 million—the highest among the executives excluding Moynihan, who received $16 million.